Here’s Another Price Target Cut for Apple
Heading into second quarter results, RBC Capital analyst Amit Daryanani has lowered his price target on Apple (NASDAQ:AAPL) shares from $600 to $550 reports Benzinga. Although Daryanani has reiterated his Outperform rating on Apple stock, he believes that possible “weaker demand” in the March quarter justifies the price target adjustment according to Market Watch. Apple’s March quarter results will be announced on April 23.
Via Market Watch, Daryanani states that “We believe Apple could see product momentum return in [the second half of the year] as the company unleashes a number of catalysts.” Potential catalysts include iOS 7, a new iPhone launch, and iPad upgrades.
RBC analyst Daryanani also touched on the possibility that Apple might combine a dividend announcement with its quarterly results, stating, “Given the possibility of a disappointing guide, we wouldn’t be surprised if Apple were to update investors on their capital allocation program”…
RBC also adjusted the estimated March quarter EPS to $9.59 with an expected revenue of $41.2 billion, reports Street Insider. However, according to Street Insider, “Consensus views call for revs of $42.8 billion and EPS of $10.15.”
Per Street Insider, RBC predicts revenue of $37.3 billion and EPS of $8.72 in the third quarter of 2013.
Apple shares are down $4.52, or 1.04 percent, at $429.81 in late afternoon Friday trading.
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